风险偏好回升叠加需求增长 有色金属价格上涨有望延续

Group 1: Metal Price Trends - Multiple metal futures prices have surged to historical highs since the beginning of 2026, with aluminum prices breaking the 25,000 yuan/ton mark for the first time [1] - On January 13, the main contract for aluminum reached a peak of 25,075 yuan/ton, while copper prices exceeded 100,000 yuan/ton, marking significant milestones in the market [2] - The demand for aluminum and copper is expected to grow steadily due to the increasing rigid demand from emerging industries such as new energy vehicles, computing power, and energy storage [1][2] Group 2: Market Analysis and Influencing Factors - The recent volatility in the precious metals market is attributed to changes in the Federal Reserve's interest rate policies and geopolitical conflicts, which have affected market sentiment [3] - Analysts indicate that the rise in aluminum prices is driven by three main factors: tightening supply expectations, positive macroeconomic changes, and the substitutability of copper and aluminum in various applications [3] - The copper market has been supported by tight supply expectations and marginal improvements in the macroeconomic environment, leading to sustained price increases [3] Group 3: Mining Company Activities - A-share mining companies are actively pursuing asset acquisitions globally amid a super cycle in non-ferrous metals [5] - On January 12, Shengda Metal Resources announced a cash acquisition of a 55% stake in Guangxi Laibin Jinshi Mining, following a previous acquisition of a 60% stake in another mining company [6] - Companies like Luoyang Molybdenum and Zijin Mining have also been involved in significant acquisitions, with Luoyang Molybdenum planning to acquire 100% interests in several gold mines for approximately $1.015 billion [7]